Porsche AG: profit decreased in the first quarter due to launch costs

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April 26, 2024 at 5:34 am.

Porsche AG: profit decreased in the first quarter due to launch costs

Porsche on Friday reported a 30 percent drop in operating profit in the first quarter, due to heavy investment in what the German luxury car maker called its biggest year of product launches in its history.

Operating profit for the first three months of 2024 reached 1.28 billion euros ($1.37 billion), according to LSEG estimates, while sales for the period reached 9.01 billion euros, more than the forecast of 8.77 billion.

($1 = 0.9348 euros)

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